Supply of Notes Sufficient; Do No Panic or Hoard Currency: RBI reiterates

The Reserve Bank of India has once again clarified today that there is sufficient supply of notes consequent upon increased production which started nearly two months ago. Members of public are requested not to panic or hoard currency notes.

Alpana Killawala
Principal Adviser

Press Release : 2016-2017/1235

Date : Nov 13, 2016

Don’t draw and hoard; enough cash in small denominations available at RBI and banks: RBI

The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it.

Alpana Killawala
Principal Adviser

Press Release : 2016-2017/1194

Date : Nov 11, 2016

Enough Cash is Available, RBI reassures; urges Public to exercise Patience and Exchange Notes at Convenience

In a statement issued today, the Reserve Bank of India has said that consequent to the withdrawal of Legal Tender Character of existing ₹ 500 and ₹ 1000 Bank Notes, it has made arrangements to distribute the notes in new ₹ 2000 and other denominations across the country.

There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016.

As mentioned in RBI communications, it may take a while for the banks to recalibrate their ATMs; once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of ₹ 2,000 per card per day up to November 18, 2016; and after that withdraw up to ₹4000 per day per card. Several ATMs have started functioning from this morning as the banks could complete recalibration of these machines to allow withdrawals up to ₹ 2000 to begin with.

The facility for exchanging the withdrawn denominations of ₹ 500 and ₹ 1000 is available for nearly 50 days. The Reserve Bank appeals to members of public to be patient and urges them to exchange their old notes at their convenience, any time before December 30, 2016.

One response to “Enough Cash is Available, RBI reassures”

This is all wrong propagenda. Modi has failed. The Govt has failed-utterly in sending money to banks or ensuring proper distribution. I am sr cit 70+, stood in line yesterday. Cash over. Today went early at 10 am. No cash. Went again at 12.00. I was 12th in line of sr cit. Cash exhausted. Modi Ji dekho nahin dekhoge to hum chahenge hamari umar mein Rahul ka raj likha hai. Yesterday mailed plight to Jt Secy Fin. No response. Curse him for not being responsive. Modi shd derive meaning from this feeling from a sr citi aged 70+ PostGraduate (MPhil). Feeling distraught. Curse you PM.